Waste Management Drops Bid For Republic

Law360, New York (October 13, 2008, 12:00 AM EDT) -- Trash-hauling giant Waste Management Inc. announced on Monday that it is dropping its takeover bid for smaller rival Republic Services Inc., citing concern about the health of financial markets.

Waste Management CEO David P. Steiner said in a statement that the company does not believe it is prudent to go through with the multibillion-dollar purchase given the current state of uncertainty in the broader economy.

“When we began this process, we said that we would be a disciplined buyer and that we would not risk our...
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